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China restricts stock ownership for managers in state companies

By

Michelle NgThe Wall Street Journal Asia

Updated June 20, 2008 12:01 a.m. ET

SHANGHAI -- Employees of state-owned enterprises can own shares in the company for which they work but not in units owned by their employer or its parent, according to a draft notice issued Wednesday by the State-Owned Assets Supervision and Administration Commission.

Managers who own these newly forbidden shares should sell them or resign within a year after the notice becomes formal, the commission said. It didn't say when that...